NEW YORK–(BUSINESS WIRE)–MetLife, Inc. introduced at the moment that its subsidiary, Metropolitan Tower Life Insurance coverage Firm, has closed its second and third longevity reinsurance transactions with Rothesay Life Plc, reinsuring roughly $5 billion of pension liabilities related to two U.Okay. bulk annuity transactions accomplished within the fourth quarter of 2020.
“We’re happy to increase our relationship with Rothesay and construct on our earlier success to execute the newest two transactions in a short time and effectively,” stated Jay Wang, senior vp and head of Threat Options for MetLife’s Retirement & Revenue Options enterprise. “With these transactions, we are going to proceed to execute on our technique, utilizing our actuarial experience and historical past managing longevity danger to increase our footprint throughout the U.Okay. longevity reinsurance market.”
“Regardless of the pandemic, the U.Okay. pension and longevity danger switch market stays remarkably resilient and strong, providing alternatives for MetLife to proceed to assist direct insurers and pension schemes within the U.Okay. on hedging longevity danger,” Wang stated. “We look ahead to additional strengthening our relationship with Rothesay and supporting the enterprise in its de-risking exercise.”
“We’re happy to proceed to develop our relationship with MetLife by these longevity reinsurance agreements. As a enterprise purpose-built to guard pensions, sturdy reinsurance partnerships assist us to ship the long-term safety we offer for policyholders,” stated David Cox, Co-Head of Pricing and Reinsurance at Rothesay.
MetLife, Inc. (NYSE: MET), by its subsidiaries and associates (“MetLife”), is among the world’s main monetary providers corporations, offering insurance coverage, annuities, worker advantages and asset administration to assist its particular person and institutional clients navigate their altering world. Based in 1868, MetLife has operations in additional than 40 markets globally and holds main positions in the USA, Japan, Latin America, Asia, Europe and the Center East. For extra info, go to www.metlife.com.
Reinsurance contracts are issued by Metropolitan Tower Life Insurance coverage Firm (“Met Tower”), Lincoln NE, a completely owned subsidiary of MetLife. Met Tower is solely accountable for its monetary situation and contractual obligations. Met Tower will not be licensed or regulated by the U.Okay. Prudential Regulation Authority as an insurer or regulated by the Monetary Conduct Authority, nor does it conduct enterprise in the UK or present direct insurance coverage to any particular person or entity therein.
Rothesay is the UK’s largest pensions insurance coverage specialist, purpose-built to guard pension schemes and their members’ pensions. With £62 billion of belongings below administration, we safe the pensions of over 800,000 folks and pay out, on common, greater than £230 million in pension funds every month.
Rothesay is devoted to offering excellence in customer support alongside prudent underwriting, a conservative funding technique and the cautious administration of danger. We’re trusted by a number of the UK’s finest recognized corporations to offer pension options, together with the schemes of Allied Domecq, Asda, British Airways, Cadbury’s, the Civil Aviation Authority, Nationwide Grid, the Submit Workplace, Prudential and telent.
Rothesay has two substantial institutional shareholders, GIC and Massachusetts Mutual Life Insurance coverage Firm (“MassMutual”), who present the corporate with long-term assist for its development and growth. In September 2020, our shareholders elevated their funding in Rothesay by a transaction which valued the enterprise at £5.75bn.
Rothesay refers to Rothesay Restricted and its subsidiaries and is the buying and selling title for Rothesay Life Plc, an insurance coverage firm authorised by the Prudential Regulation Authority and controlled by the Monetary Conduct Authority and the Prudential Regulation Authority. Agency Reference Quantity: 466067. Rothesay Life Plc is registered in England and Wales with firm registration quantity: 06127279 and registered deal with: Rothesay Life Plc, The Submit Constructing, 100 Museum Avenue, London WC1A 1PB. Additional info is obtainable at www.rothesay.com
The forward-looking statements on this information launch, equivalent to “trying ahead” and “will,” are primarily based on assumptions and expectations that contain dangers and uncertainties, together with the “Threat Components” MetLife, Inc. describes in its U.S. Securities and Alternate Fee filings. MetLife’s future outcomes might differ, and it has no obligation to right or replace any of those statements.